Sources: AEW to buy Three Ballston Plaza

AEW Capital Management LP is expected to buy Three Ballston Plaza at 1100 N. Glebe Road, according to market sources.

The Boston-based investment management group is expected to close on the building in the next couple of weeks. The closing price is unknown, but sources say the Arlington property next to Interstate 66 is expected to trade at a sub-7 percent capitalization rate.

The 304,133-square-foot, Class A office building houses CACI International Inc.’s corporate headquarters. The anchor tenant occupies 38 percent of the property, which is 90 percent leased.

The 20-year-old building last traded to Massachusetts Mutual Life Insurance Co. for $62 million in 1999, according to Arlington County’s real estate assessment records. Before that, Carr Realty LP bought the building for $55 million in 1994.

The 16-story property sits in the stable Rosslyn-Ballston corridor within blocks from the Ballston Metro and Ballston Common Mall.

Cassidy Turley, which has been marketing the property and currently labels its status as “under contract,” did not return calls or e-mails for comment.

“With in-place rents approximately 10% below market, this offering presents a substantial income and growth opportunity with limited credit risk,” according to Cassidy Turley’s Web site.